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Friday, September 30, 2011

$119b wiped off value of S'pore stocks

The stock market rout during the third quarter has wiped $119 billion
from the value of listed stocks in Singapore - their worst quarterly
showing since the last three months of 2008.

After yesterday's market close, the 800
firms or so listed on the Singapore Exchange are now worth about $715
billion, based on their share prices, a 14 per cent slide from the $834
billion on June 30.

The drop was expected, given how badly the market was
hit in the past two months, said Mr Terence Wong, co-head of research
at DMG & Partners Securities.

Yesterday, the market had another session to forget, as the benchmark
Straits Times Index (STI) dropped 1.2 per cent, or 32.97 points, to
2,675.16.